Ambuja Cements slips nearly 3% even after Adani prepays $500-million loan

Shares of Ambuja Cements Ltd, a part of Adani Cement, dipped 2.89 per cent to touch an intraday low of ₹367.40 apiece during Monday's late noon deals even after Gautam Adani-owned conglomerate prepaid $500 million in loans taken for the acquisition of Ambuja Cement.

The stock touched an intraday high of ₹389.00. Shares of Ambuja have rallied 26.36 per cent in the last one year.

The port-to-power conglomerate on Sunday said that billionaire Gautam Adani and family have also completed full prepayment of margin-linked, share-backed funding worth $2.15 billion before a 31 March deadline.

As a result, the group have completed prepaying $2.65 billion within six weeks, according to the statement from the group.

The founders have also poured in $2.6 billion out of the total acquisition value of $6.6 billion for Ambuja Cements and ACC Ltd, the statement read.

Adani seeks to sell stake in Ambuja

Gautam Adani is seeking to sell a stake in Ambuja Cement for about $450 million, according to a Financial Times report.

Adani has made a formal request to international lenders to sell 4 per cent to 5 per cent in Ambuja, his cement business, the report said.

The embattled Adani Group last year acquired Holcim AG's cement businesses in India – Ambuja Cements and ACC Ltd – for $10.5 billion, its largest-ever acquisition.

Adani's latest move comes as the group seeks to rebuild investor confidence and allay concerns about its debt by pre-paying loans, in the aftermath of a bombshell US-based short-seller Hindenburg Research's report.

Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives informed investors at a meeting in London, according to a Bloomberg report this week.

Adani Group stocks

All Adani Group stocks advanced today when trading resumed in Mumbai after the Adani's efforts to restore confidence among investors.

Four out of 10 Adani stocks including Adani Green Energy and Adani Transmission jumped by their 5 per cent daily limit. The flagship Adani Enterprises rose as much as 4.7 per cent while Adani Ports & Special Economic Zone Ltd. surged 1.8 per cent.

On Friday, Adani Group stocks ended on a mixed note.

The shares of Adani Group firms had taken a beating on the bourses following the report by US short seller. The report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.